EURJPY: The short-term corrective phase is likely over

Saturday, October 12, 20130
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EUR/JPY has successfully tested the support implied
by the rising trend line and has broken its declining trend line. A break of
the resistance at 133.48 would confirm the start of a new phase of strength. Hourly
supports stand at 132.45 (intraday low) and 132.23 (intraday low).The symmetrical triangle in the daily time frame
favors a medium-term positive bias.In the longer term, we favor a further rise towards
the strong resistance at 139.22 (05 June 2009 high) as long as the support at 129.29
(20 August 2013 low) holds. However, a sustainable move above this resistance
is unlikely given the overall increasing overbought conditions